White House says Biden has confidence in Fed’s Powell after ethics scandal

Senator Elizabeth Warren says Federal Reserve chair ‘failed as a leader’ following revelations about unusual trading by Fed officials

05 October 2021 - 23:09US Federal Reserve chair Jerome Powell. Picture: BLOOMBERG/AL DRAGO

“For Fed officials to actively trade in the market raises legitimate questions about conflicts of interest and insider trading,” the Massachusetts Democrat said on Tuesday. “These Fed officials actually show, at a minimum, really bad judgment.” The Fed is under fire following revelations about unusual trading activity by some senior officials last year as the central bank fought to shelter the US economy from Covid-19.

Warren called Monday for the Securities Exchange Commission to investigate whether the transactions violated insider trading rules, citing an October 1 Bloomberg News report about trading by vice-chair Richard Clarida in his 2020 financial disclosures.

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